Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair value of financial assets and liabilities

The fair value of financial assets and liabilities at December 31, 2013 and 2012, is shown in the tables below:



	Fair Value Measurements
	December 31, 2013
	Gross Amounts of Assets and Liabilities						Netting Adjustments⁽¹⁾			Net Amounts Presented on the Condensed Consolidated Balance Sheet
	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾
			(in millions)
Financial Assets
Commodity derivative instruments - short-term	$	—	$	5.5	$	—	$	(5.3	)	$	0.2
Commodity derivative instruments - long-term	—		0.4		—		—			0.4
Interest rate swaps - long-term	—		0.6		—		—			0.6
Total financial assets	$	—	$	6.5	$	—	$	(5.3	)	$	1.2

Financial Liabilities
Commodity derivative instruments - short-term	$	—	$	29.4	$	—	$	(5.3	)	$	24.1
Interest rate swaps - short-term	—		2.6		—		—			2.6
Total financial liabilities	$	—	$	32.0	$	—	$	(5.3	)	$	26.7

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⁽¹⁾	The Company nets its derivative contract assets and liabilities outstanding with the same counterparty on the Consolidated Balance Sheets as the contracts contain netting provisions. Refer to Note 7 - Derivative Contracts, for additional information regarding the Company's derivative contracts.



	Fair Value Measurements
	December 31, 2012
	Gross Amounts of Assets and Liabilities						Netting Adjustments⁽¹⁾			Net Amounts Presented on the Condensed Consolidated Balance Sheet
	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾
			(in millions)
Financial Assets
Commodity derivative instruments - short-term	$	—	$	189.7	$	—	$	(1.0	)	$	188.7
Commodity derivative instruments - long-term	—		4.2		—		(0.1		)	4.1
Total financial assets	$	—	$	193.9	$	—	$	(1.1	)	$	192.8

Financial Liabilities
Commodity derivative instruments - short-term	$	—	$	1.0	$	—	$	(1.0	)	$	—
Interest rate swaps - short-term	—		2.6		—		—			2.6
Commodity derivative instruments - long-term	—		0.1		—		(0.1		)	—
Interest rate swaps - long-term	—		3.6		—		—			3.6
Total financial liabilities	$	—	$	7.3	$	—	$	(1.1	)	$	6.2

Change in fair value of Level 3 assets and liabilities

The change in the fair value of Level 3 assets and liabilities for the year ended December 31, 2012 is shown below.



	Year Ended December 31,
	2012
	(in millions)
Balance at January 1,	$	—
Realized gains and losses	0.6
Unrealized gains and losses	3.8
Settlements	(0.6		)
Transfers out of Level 3	(3.8		)
Balance at December 31,	$	—

Fair value and related carrying amount of certain financial instruments

The following table discloses the fair value and related carrying amount of certain financial instruments not disclosed in other notes to the consolidated financial statements in this Annual Report on Form 10-K:



	Carrying Amount		Level 1 Fair Value		Carrying Amount		Level 1 Fair Value
	December 31, 2013				December 31, 2012
	(in millions)
Financial assets
Cash and cash equivalents	$	11.9	$	11.9	$	—	$	—
Financial liabilities
Checks outstanding in excess of cash balances	$	90.9	$	90.9	$	39.7	$	39.7
Long-term debt	$	2,997.5	$	3,034.9	$	3,206.9	$	3,420.7

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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